US-based eyecare technology developer PowerVision has extended its series D round to $40m, according to a regulatory filing on Tuesday, having secured funding from Alcon, an eyecare subsidiary of pharmaceutical firm Novartis.
Founded in 2002, PowerVision is developing an intraocular implant for patients suffering from cataracts and presbyopia, a type of farsightedness associated with old age. The implant is inserted into the eye’s capsular bag during cataract removal surgery and mimics its natural functioning
Alcon made the investment as part of a strategic alliance that will fund development and clinical trials for PowerVision’s intraocular lens. It has also secured the option to acquire PowerVision at a later date.
PowerVision previously closed $30m of series D funding in June 2014, after venture capital firms Aisling Capital, Correlation Venture Partners and Venrock had provided it with a $10m second tranche.
Johnson & Johnson Development Corporation (JJDC), the corporate venturing arm of pharmaceutical company Johnson & Johnson, medical device producer Medtronic, Venrock, Advanced Technology Ventures (ATV), Lexington Capital and Frazier Healthcare Ventures supplied the initial $20m in early 2014.
JJDC and Medtronic previously contributed to a $37.2m series C round that closed in 2012, and which also featured ATV, Venrock and Frazier and Panorama Capital.
ATV, Frazier and JP Morgan Partners had also taken part in PowerVision’s $20m series B round in 2007. The company reportedly raised $9m in series A funding in 2004.